This post is part of a social shopper marketing insight campaign with Pollinate Media Group® and TurboTax, but all my opinions are my own. #pmedia #TurboTaxACA http://my-disclosur.es/OBsstV
Tax season is here and with it comes varying degrees of emotion. For some, it's overwhelming and scary---for others, it's a long-awaited windfall of returns with which they'll catch up bills and buy new appliances. (Jamie had my new washing machine delivered yesterday. Yay!) No matter how you're feeling about this tax season, something we all have in common is the new requirements regarding health care for 2014. The Affordable Care Act requires everyone to either have health insurance or pay a penalty on their taxes, so TurboTax is making it simple for users to understand the laws and comply with them---no matter where you're at with your health care. In addition, through February 16th you can file both Federal and State returns for free if you have a simple return (1040A/EZ).
Almost half of all Americans don't realize they have to report their health care status on their taxes this year. What's more---many of them don't understand the new health care laws at all. I've spent a little time this week on the TurboTaxHealth site and really feel like I've got a pretty good grasp on the requirements for insured and uninsured filers. I like how it helps users understand the new laws and how they affect their taxes. Let me know if this info is helpful to you!
TurboTax offers help to those who are insured, uninsured, or have opted for marketplace insurance. If you're like me and are insured through an employer, all you have to do is check a box and you're done as far as the insurance part of your taxes is concerned. You can check out a short tutorial video to see these steps in action.
Maybe you've chosen not to purchase insurance---that doesn't necessarily mean you'll be given a penalty. About half of all uninsured Americans qualify for an exemption and TurboTax will help you find out if you're one of them. If not, they'll make sure you're paying what you need to with very clear, step-by-step instructions. Just click "I don't have health insurance" and they'll walk you through it. See this tutorial video for details on filing uninsured.
Marketplace Insured Filers will click on "I have my own insurance." A screen will pop up stating that you meet the requirements, and there will also be a link to find out more about the marketplace, how to enroll, and how to meet the qualifications for a special enrollment period, if you're looking for more information on that. If you'd like to see these steps on video, visit this tutorial.
If you are interested in purchasing insurance for your family through a state or Federal marketplace, the next few days are really important. Open enrollment ends on Sunday, February 15th. That will be the last day you can purchase insurance to avoid a penalty on your 2015 taxes. If this concerns you, make sure to check out TurboTaxHealth to find out more about your taxes and health insurance, and to see if you qualify for a penalty exemption. Remember, you can file for free at TurboTax.com now through February 16th if you have a simple return. (1040A/EZ).
Don't let the new health care law intimidate you. TurboTax is still as easy to use as ever and can help you with all of your questions and calculations. Have you used TurboTax in the past? I'd love to hear about your experiences.